Kotak Mahindra Bank Q2FY24 results: Standalone PAT surges 24% to Rs 3,191cr

Kotak Mahindra Bank has revealed its unaudited standalone results for the quarter and half-year ending on September 30, 2023. The Bank’s Profit After Tax (PAT) for Q2FY24 stands at an impressive ₹ 3,191 crore, marking a 24% YoY growth compared to ₹ 2,581 crore during Q2FY23. Additionally, the Net Interest Income (NII) showcased a growth of 23% YoY, reaching ₹ 6,297 crore from the previous ₹ 5,099 crore in Q2FY23. Notably, the Bank’s operating profit experienced a 29% increase, with figures standing at ₹ 4,610 crore for Q2FY24 against ₹ 3,568 crore in Q2FY23.

Expansion in Customer Base and Advances

As of September 30, 2023, Kotak Mahindra Bank boasts a customer count of 45.8 million, showing a substantial increase from the 36.6 million recorded during the same period in 2022. Furthermore, advances, which include IBPC & BRDS, surged by 21% YoY, hitting the ₹ 3,57,012 crore mark in September 2023, compared to ₹ 296,117 crore the year prior.

Impressive YoY growth: Kotak Mahindra Bank announces Q2FY24 consolidated PAT at Rs 4,461cr. Photo courtesy of Indrajit Das/Wikimedia Commons.

Key Financial Indicators Reveal Solid Performance

Delving deeper into the Bank’s financial health, the Net Interest Margin (NIM) has been documented at 5.22% for Q2FY24. Fees and services have seen a growth of 24% YoY, totaling ₹ 2,026 crore, up from ₹ 1,638 crore in Q2FY23. Customer assets, encompassing Advances and Credit Substitutes, have shown an 18% YoY growth, amounting to ₹ 3,80,412 crore. The Gross NPA and Net NPA as of September 30, 2023, are at 1.72% and 0.37% respectively, indicating financial stability.

Consolidated Results Reflect Positive Trajectory

On a consolidated level, the Q2FY24 PAT has reached ₹ 4,461 crore, marking a 24% YoY increase from the previous ₹ 3,608 crore in Q2FY23. Notably, the consolidated customer assets, which comprise Advances and Credit Substitutes, experienced a growth of 19% YoY, moving from ₹ 3,59,154 crore in September 2022 to a commendable ₹ 4,28,404 crore in September 2023. Total assets managed or advised by the Kotak Group surged by 28% YoY, with figures touching ₹ 4,98,342 crore by the end of September 2023.